The owner of The Triangle has refinanced the Central Austin mixed-use project.
The Dinerstein Cos., a Houston firm, said Monday it had obtained a $78 million loan. The floating-rate loan is for seven years and has a three-year interest-only feature.
CBRE assisted The Dinerstein Cos. with the refinancing.
The Triangle, at 4600 W. Guadalupe St., has 529 apartments and is also home to 35 shops and restaurants. It sits on state-owned land.
“There were complicated negotiations with the state of Texas and the lender throughout the transaction,” CBRE’s Brian Eisendrath said in a written statement. “Since Dinerstein closed the acquisition last year, they have legally separated the retail and residential portions of the property, creating tremendous value. However, the separation of parcels and the three phases that are on ground leases held by the state of Texas added layers of complexity to this refinance.”